Rubiales Gains as Citigroup Predicts Output Jump: Bogota Mover

Pacific Rubiales Energy Corp., the operator of Colombia’s largest oil field, rose for a fifth day as Citigroup Inc. forecast the company would report “strong” first-quarter production gains.

The shares rallied 7.3 percent to 37,560 pesos this week in Bogota, the second-best performance on Colombia’s benchmark Colcap index, which rose 0.2 percent. Pacific Rubiales gained

1.5 percent at 12:40 p.m today.

First quarter results “should highlight strong production growth,” Citigroup analysts Pedro Medeiros and Fernando Valle wrote in a report today. This could help “enhance investors’ confidence.” Pacific Rubiales is scheduled to report first-quarter profit on May 8.

Production will average 126,000 barrels of oil equivalent a day in the first quarter, according to Citigroup. For the fourth quarter, net output averaged 108,149 barrels a day, according to the company.

The current share price leaves “considerable upside from exploration and development of its probable reserves,” the Citigroup analysts wrote.

Before it's here, it's on the Bloomberg Terminal.
LEARN MORE